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Malawi to roll out €1m Fintech project

By , ITWeb’s Zambian correspondent.
Malawi , 15 Jul 2021

Malawi will roll out a four-year digital finance for resilience project aimed at encouraging financial inclusivity, especially among women and the youth.

The project will be implemented through a €1-million (about K1 billion) fund organised under the auspices of the European (EC) Commission, the Organisation of African, Caribbean and Pacific States (OACPS) and United Nations Capital Development Fund (UNCDF).

According to these organisations, the pace and intensity of digital transformation in Malawi must ensure that people, particularly the youths, women and marginalised groups are not financially excluded.

One of the objectives is to encourage the target market to secure employment as mobile money agents.

During the launch of the project, head of cooperation at the European Commission Ivo Hoefkens said the initiative is central to the EU’s response to COVID-19.

Hoefkens said, “The European Union recognises the importance of digital financial services in Malawi. The adoption and usage of digital financial services will help to increase financial inclusion during these difficult times, especially women and youths.”

Principal Secretary in the Ministry of Finance Hetherwick Njati said COVID-19 has provided a push factor for the Malawian government to fast-track efforts to build an inclusive digital economy which can be achieved through increased reach and usage of digital financial services across the country.

“The initiative is timely and an addition to the government’s efforts in building a digital economy. The private sector is therefore expected to play its part by providing innovative and inclusive digital products and services to the people,” said Njati.

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